SOLUTION: A student had a car loan charging 0.75% interest per month and a tuition loan charging 0.5% interest per month. How much did he owe on each account if he paid a total of $95.50 mon

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Question 977195: A student had a car loan charging 0.75% interest per month and a tuition loan charging 0.5% interest per month. How much did he owe on each account if he paid a total of $95.50 monthly interest on a total debt of $14,200?
I have the solution but not sure how to set up the equations to find that solution. Thank you!
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
Total amount of debt: $14200
x+y=14200,
Total monthly interest charged for the two accounts is: $95.50
0.005*x+0.0075*y=95.5
x=14200-y
Substitute for x
0.005*(14200-y)+0.0075*y=95.5
Multiply out
71.0-0.005*y+0.0075*y=95.5
Combine like terms.
0.0025*y=24.5
Isolate y
y=$ 9800.00 at 0.75% charged $73.50 interest
x=14200-y
Calculate x
x=$ 4400.00 at 0.5% charged $22.00 interest
Check
0.005*4400+0.0075*9800=95.5
22.0+73.5=95.5
95.5=95.5